7HRUtDSDUDHO'LPHQVLRQDGRGH7UDWDPLHQWRV%LROyJLFRVGH)DQJRV$FWLYRV

75$7$0,(172%,2/*,&2'()$1*26$&7,926

 (VTXHPDIXQFLRQDO
 5HFLUFXODFLyQ
 3DUiPHWURVGHGLVHxR
 )DQJRVHQH[FHVR
 7DEODGHSDUiPHWURVGHDSOLFDFLyQ
 (MHPSORGHDSOLFDFLyQ



(VTXHPDIXQFLRQDO
6HWUDWDGHXQSURFHVRFRQMXQWRHQWUHHO5HDFWRU%LROyJLFR\HO'HFDQWDGRU6HFXQGDULRGHVGHHOFXDO
VHUHFLUFXODQORVIDQJRVLPSUHVFLQGLEOHPHQWHKDFLDHO5HDFWRU%LROyJLFRDILQGHTXHWHQJDOXJDUOD
IRUPDFLyQGHIOyFXORVSRUODDFFLyQPHWDEyOLFDGHODPDWHULDYLYD

(VTXHPDGHUHFLUFXODFLyQ


3DUiPHWURVGHGLVHxR

&DUJDPiVLFD&P 6R4;95.J'%2GtD.J0/66VLHQGR

6R&DQWLGDGGH'%2TXHHQWUDDO5HDFWRU%LROyJLFRSRUXQLGDGGHYROXPHQ
.JP
4&DXGDODWUDWDUPGtD
;&RQFHQWUDFLyQGHVyOLGRVHQVXVSHQVLyQHQHO5HDFWRU%LROyJLFR.J
0/66P
959ROXPHQGHO5HDFWRU%LROyJLFRHQP

&DUJDYROXPpWULFDRYRO~PLFD&Y &P;.J'%2GtD

1HFHVLGDGGHR[tJHQR2[tJHQR1HFHVDULR2121WHyULFR G%&0.J2
GtDVLHQGR
21FiOFXOR 21WHyULFR4S4P
G'HPDQGDGHR[tJHQRHQODIDVHGHDJLWDFLyQSDUDHOGHVSUHQGLPLHQWRGH
pVWHGHODJXDGHVWiFRPSUHQGLGRHQWUH\.J2.J'%2
%&DQWLGDGGH'%2TXHHQWUDGLDULDPHQWHDO5HDFWRU%LROyJLFR.J
'%2GtD
&'HPDQGDGHR[tJHQRUHIHULGRDORVPLFURRUJDQLVPRVGHORVORGRV&HVWi
KWWSZZZPLOLDULXPFRP3UR\HFWRV'HSXUDGRUDVSUR\HFWRVWLSRDQHMRVPHPRULD)$1*26B$&7,926KWP 
 7HRUtDSDUDHO'LPHQVLRQDGRGH7UDWDPLHQWRV%LROyJLFRVGH)DQJRV$FWLYRV

FRPSUHQGLGRHQWUH\.J2.J'%2
0&DQWLGDGGHVyOLGRVHQHO5HDFWRU%LROyJLFR.J0/66
4S&DXGDOSXQWDHQWUDQWHDO5HDFWRU%LyORJLFR
4P&DXGDOPHGLRHQWUDQWHDO5HDFWRU%LROyJLFR

3RWHQFLDQHFHVDULDGHR[LJHQDFLyQ31 3WUDQVIHULGDGH2DODJXD 21FiOFXOR

>.J2NZK@

(GDGGHOIDQJR7 ;;7GtDVVLHQGR
;&RQFHQWUDFLyQGH66.J0/66P
;7&DQWLGDGGHPLFURRUJDQLVPRVTXHVHJHQHUDQSRUXQLGDGGH
WLHPSRRH[FHVRGHIDQJRVDDxDGLUDILQGHPDQWHQHUFRQVWDQWHHQHO5HDFWRU
%LROyJLFRODFRQFHQWUDFLyQ;.J0/66PGtD

QGLFHGHO0ROKPDQQ,6HWUDWDGHOYROXPHQHQPORFXSDGRSRUJUDPRGH0DWHULD6yOLGD
HQ6XVSHQVLyQGHVSXpVGHGHFDQWDUGXUDQWHHQXQDSUREHWDGHOLWURPNJ

5HFLUFXODFLyQ&DQWLGDGRFDXGDOTXHVHKDFHSDVDUSRUHO5HDFWRU%LROyJLFRUHVSHFWRGHO
FDXGDOWUDWDGR
54 ;,;,VLHQGR
;&RQFHQWUDFLyQGH6yOLGRVHQ6XVSHQVLyQHQHO5HDFWRU%LROyJLFR.J
0/66P
,QGLFHGHO0ROKPDQQPNJ
5&DXGDOTXHVHKDFHFLUFXODUSRUHO5HDFWRU%LROyJLFRPGtD
4&DXGDOWUDWDGRPGtD

)DQJRVHQH[FHVR

3[ 6HOLPLQDGD;.JPGtDVLHQGR

6HOLPLQDGD'%2HOLPLQDGDSRUP\GtD
;&RQFHQWUDFLyQGH66(QHOUHDFWRU%LROyJLFR.J0/66P


7DEODGHSDUiPHWURVGHDSOLFDFLyQ

&RQFHQWUDFLyQ
GHVyOLGRVHQ &DUJD
'HFDQWDFLyQ 7LSRGH &DUJD VXVSHQVLyQHQ YROXPpWULFD 5HQGLPLHQWR
3ULPDULD SURFHVR PiVLFD HO5HDFWRU .J 
%LROyJLFR '%2GtDP

2SWDWLYD $OWDFDUJD    
2EOLJDWRULD 0HGLDFDUJD    
$LUHDFLyQ
2SWDWLYD    
SURORQJDGD
,QH[LVWHQWH %DMDFDUJD    


(MHPSORGHDSOLFDFLyQ
KWWSZZZPLOLDULXPFRP3UR\HFWRV'HSXUDGRUDVSUR\HFWRVWLSRDQHMRVPHPRULD)$1*26B$&7,926KWP 
 7HRUtDSDUDHO'LPHQVLRQDGRGH7UDWDPLHQWRV%LROyJLFRVGH)DQJRV$FWLYRV


'DWRV

3DUiPHWUR 6LWXDFLyQDFWXDO 6LWXDFLyQIXWXUD
4GLDULRPG  
4KRUDULRPK  
4SXQWDPK  
4Pi[LPRPK  
&DUJDGLDULD'%2SSP  
&DUJDGLDULD66SSP  
'%2DODVDOLGD  


&ULWHULRVGH'HFDQWDFLyQ6HFXQGDULD

&DUJDGHVyOLGRV &DUJDHQYHUWHGHUR
&DXGDO 9DPK W5KRUDV
.J66PK PKPO
4PHGLR    
4Pi[LPR    

'HPDQGDGHR[tJHQRGHOSURFHVRELROyJLFR>2&.J2PUHDFWRUGtD 6HOLPLQDGR
;@VLHQGR
6HOLPLQDGR '%2HOLPLQDGDSRUPGHUHDFWRU
\GtD
; &RQFHQWUDFLyQGH0/66HQHOUHDFWRUHQ
.JP

&DSDFLGDGGHR[LJHQDFLyQGHODVWXUELQDVHQFRQGLFLRQHVVWDQGDUGGHHQVD\R.J2
.ZK




3DUDODVLWXDFLyQDFWXDOVHTXLHUHIXQFLRQDUFRQXQDOtQHDGHWUDWDPLHQWR\VLQGLJHVWLyQGHIDQJRV\
HQHOIXWXURFRQGRVOtQHDV\HQXQSURFHVRGHPHGLDFDUJD

6(3,'(
D&DOFXODUORVUHDFWRUHVELROyJLFRVHQODVGRVVLWXDFLRQHVXQRHQODVLWXDFLyQDFWXDO\GRVHQHO
IXWXURLQFOX\HQGRODFDSDFLGDGGHR[LJHQDFLyQQHFHVDULDGHPDQHUDTXHHOUHDFWRUTXHVH
FRQVWUX\DDKRUDVHDYiOLGRSDUDHOIXWXURGXSOLFDQGRODLQVWDODFLyQ
E'LPHQVLRQDUHOGHFDQWDGRUVHFXQGDULRGHPRGRTXHGXSOLFiQGRORHQHOIXWXURVHDQ
DGHFXDGDVVXVGLPHQVLRQHVSDUDHOFDXGDOIXWXUR
F&URTXL]DUODVLQVWDODFLRQHV\ORVSXQWRVGHH[WUDFFLyQGHIDQJRVLQGLFDQGRODVLQVWDODFLRQHV
DFWXDOHV\ODVIXWXUDV

6ROXFLyQ

D&iOFXORGHORVUHDFWRUHVELROyJLFRV

6LWXDFLyQIXWXUD
KWWSZZZPLOLDULXPFRP3UR\HFWRV'HSXUDGRUDVSUR\HFWRVWLSRDQHMRVPHPRULD)$1*26B$&7,926KWP 
 7HRUtDSDUDHO'LPHQVLRQDGRGH7UDWDPLHQWRV%LROyJLFRVGH)DQJRV$FWLYRV

'DWRVGHFiOFXORSRUOtQHD

4PHGLR PGtDOtQHDV PGtD PGtD

6HFRQVLGHUDODH[LVWHQFLDGHXQDKLSRWpWLFD'HFDQWDFLyQ3ULPDULDTXHSHUPLWLHUDOD
HOLPLQDFLyQGHOD'%2VHGLPHQWDEOHHVWRHVHODSUR[LPDGDPHQWHGHHVWDFDUJD
FRQWDPLQDQWH3RUWDQWRODFDUJDGLDULDGHTXHGHEHUiVHUREMHWRGH7UDWDPLHQWR6HFXQGDULR
HV

NJGtDOtQHDV NJ'%2GtD

3RUWUDWDUVHGHXQSURFHVRGH0HGLD&DUJDYHUHQXQFLDGRORVSDUiPHWURVGHO7UDWDPLHQWR
%LROyJLFRVHUiQ

&PiVLFD NJ'%2GtD.J0/66

; NJ0/66P
&YROXPpWULFD NJ'%2PGtD

6LWXDFLyQDFWXDO
$SDUWLUGHHVWRVGDWRVSXHGHREWHQHUVHHOYROXPHQGHO5HDFWRU%LROyJLFRSRUDSOLFDFLyQGHOD
VLJXLHQWHIyUPXOD
95% 6R4;&PiVLFDVLHQGR6R4ODFDUJDGLDULDTXHOOHJDDO5HDFWRU
%LROyJLFR\DREWHQLGDDQWHULRUPHQWHHLJXDODNJ'%2
3RUWDQWRUHVXOWD
95% NJ'%2GtDNJ0/66PNJ'%2GtD 
P

/DDOWXUDGHO5HDFWRU%LROyJLFRHVXQSDUiPHWURGHGLVHxRTXHHVWDUiHQWRUQRDORV
PHWURVVLELHQTXHGDVXHOHFFLyQDFULWHULRGHO3UR\HFWLVWD

(QFXDQWRDODVXSHUILFLHGHO5HDFWRU%LROyJLFRpVWDVHUiYROXPHQDOWXUD PP
P ORQJLWXG[DQFKR D[D D !D PORQJLWXG D P

1HFHVLGDGGHR[tJHQR

>2&.J2PUHDFWRUGtD 6HOLPLQDGR;@VLHQGR

6HOLPLQDGR '%2HOLPLQDGDSRUPGHUHDFWRU\GtD
; &RQFHQWUDFLyQGH0/66HQHOUHDFWRUHQ.JP

3RUWDQWR

6HOLPLQDGR PKKGtDNJ'%2 NJ
'%2HOLPLQDGDSRUPGHUHDFWRU\GtD
; NJ0/66P
GHGRQGHUHVXOWD
2&WHyULFR  .J2PUHDFWRUGtD

KWWSZZZPLOLDULXPFRP3UR\HFWRV'HSXUDGRUDVSUR\HFWRVWLSRDQHMRVPHPRULD)$1*26B$&7,926KWP 
 7HRUtDSDUDHO'LPHQVLRQDGRGH7UDWDPLHQWRV%LROyJLFRVGH)DQJRV$FWLYRV

2&UHDO &SXQWD2&WHyULFR9RO5HDFWRU%LROyJLFR  .J

2.J2GtD

/DSRWHQFLDQHFHVDULDSDUDDSRUWDUODFDQWLGDGGHR[tJHQRQHFHVDULDSDUDHO7UDWDPLHQWR%LROyJLFR
VHUi 

3 >.J2.ZKRUD@ .Z

 6HFRQVLGHUDXQDFDSDFLGDGGHR[LJHQDFLyQGHODVWXUELQDVHQFRQGLFLRQHVVWDQGDUGGHHQVD\R
GH.J2.ZKRUD

6LWXDFLyQIXWXUD
3RULQGLFDUVHTXH12VHLQFOX\H'LJHVWLyQGH)DQJRVSRGUtDPRVFRQFOXLUTXHHOSURFHVRQRLQFOX\H
WDPSRFR7UDWDPLHQWR3ULPDULR3RUWDQWRSDUDHOFiOFXORGHO5HDFWRU%LROyJLFRQRVHFRQVLGHUDUi
ODUHGXFFLyQGHODFDUJDGH'%2VHGLPHQWDEOH

&DUJDGLDULDGH'%2OtQHD .JGtDOtQHD .JGtD

6HWLHQH

9RO5HDFWRU%LROyJLFR PSRUORTXHUHVXOWDXQYDORUSDUD&YROXPpWULFD

&YROXPpWULFD .J'%2DO5HDFWRU%LROyJLFR9RO5HDFWRU%LROyJLFR .J'%2P
GtD

(OYDORUREWHQLGRSDUD&YROXPpWULFDSHUPLWHVHOHFFLRQDUHO7UDWDPLHQWRELROyJLFRDSURSLDGR
$LUHDFLyQ3URORQJDGDHQHVWHFDVRSDUDODFXiOORVYDORUHVPHGLRVGHORVSDUiPHWURVVHUtDQ
FRQIRUPHDODWDEODLQFOXLGDHQHOGHVDUUROORWHyULFR

&PiVLFD NJ'%2GtD.J0/66

; NJ0/66P
&YROXPpWULFD NJ'%2PGtD

6HFRPSUREDUDFRQWLQXDFLyQODYDOLGH]GHOYDORUGHODSRUWHGHR[tJHQRREWHQLGRSDUDHO
7UDWDPLHQWR%LROyJLFRHQODVLWXDFLyQIXWXUD

6HOLPLQDGR PKKGtDNJ'%2 NJ'%2
HOLPLQDGDSRUPGHUHDFWRU\GtD

3RUWDQWR

2&WHyULFR  .J2PUHDFWRUGtD.J2PUHDFWRUGtD

SRUORTXHHO9RO5HDFWRU%LROyJLFRHVVXILFLHQWHWDPELpQODVLWXDFLyQIXWXUD

E'LPHQVLRQDPLHQWRGHO'HFDQWDGRU6HFXQGDULR

6LWXDFLyQIXWXUDSRUOtQHD

KWWSZZZPLOLDULXPFRP3UR\HFWRV'HSXUDGRUDVSUR\HFWRVWLSRDQHMRVPHPRULD)$1*26B$&7,926KWP 
 7HRUtDSDUDHO'LPHQVLRQDGRGH7UDWDPLHQWRV%LROyJLFRVGH)DQJRV$FWLYRV

4PHGLD PK
4Pi[LPR PKOtQHDV PK

6XSHUILFLHGHO'HFDQWDGRU6HFXQGDULR

3RUYHORFLGDGDVFHQVLRQDO
4PHGLR !6 PKPK P
4Pi[LPR !6 PKPK P

3RUFDUJDGHVyOLGRV
4PHGLR !6 PK.J0/66P.J0/66P P
4Pi[LPR !6 PK.J0/66P.J0/66P P

3RUWDQWRODVXSHUILFLHVHUtDHOPi[LPRGHORVYDORUHVREWHQLGRVHVWRHVP3RUWDQWRHO
GLiPHWURGHO'HFDQWDGRU6HFXQGDULRUHVXOWDVHU
P ' !'PHWURV

$OWXUDGHO'HFDQWDGRU6HFXQGDULR
4PHGLR !9RO'HFDQWDGRU6HFXQGDULR PKKRUDV P
4Pi[LPR !9RO'HFDQWDGRU6HFXQGDULR PKKRUDV P
3RUWDQWRODDOWXUDVHUtDODFRUUHVSRQGLHQWHDOPi[LPRGHORVYRO~PHQHVREWHQLGRVHVWRHV
+PtQLPD 9RO0i[LPR6XSHUILFLHPtQLPD PPPHWURV

&DUJDHQYHUWHGHUR
4PHGLR !TPHGLR PKP PKPOPKPO
4Pi[LPR !TPi[LPR PKP PKPO!PKPO

6HGHGXFHGHORVGDWRVREWHQLGRVHQODFRPSUREDFLyQTXHHOGLPHQVLRQDPLHQWRQRVHUtDFRPSDWLEOH
FRQHOOtPLWHSDUDODFDUJDHQYHUWHGHURREWHQLGDDFDXGDOPi[LPR/DVROXFLyQFRQVLVWHHQGLVSRQHU
XQYHUWHGHURGREOH

6LWXDFLyQDFWXDOSRUOtQHD

&RPSUREDFLyQGHORVSDUiPHWURVGHIXQFLRQDPLHQWR

9HORFLGDGDVFHQVLRQDO
4PHGLR !9DVFHQVLRQDO PKP PKPK
4Pi[LPR 9DVFHQVLRQDO PKP PKPK

3RUWDQWRHOGLPHQVLRQDPLHQWRHQFXDQWRDODYHORFLGDGDVFHQVLRQDOHVYiOLGR

7LHPSRGHUHWHQFLyQ

4PHGLR !7UHWHQFLyQ PPK K!KRUDV
4Pi[LPR !7UHWHQFLyQ PPK K!KRUDV

3RUWDQWRHOGLPHQVLRQDPLHQWRHQFXDQWRDOWLHPSRGHUHWHQFLyQHVYiOLGR
KWWSZZZPLOLDULXPFRP3UR\HFWRV'HSXUDGRUDVSUR\HFWRVWLSRDQHMRVPHPRULD)$1*26B$&7,926KWP 
 7HRUtDSDUDHO'LPHQVLRQDGRGH7UDWDPLHQWRV%LROyJLFRVGH)DQJRV$FWLYRV


&DUJDHQYHUWHGHUR

4PHGLR !TPHGLR PKP PKPOPKPO
4Pi[LPR !TPi[LPR PKP PKPOPKPO

3RUWDQWRHOGLPHQVLRQDPLHQWRHQFXDQWRDODFDUJDHQYHUWHGHURHVYiOLGR

&DUJDGHVyOLGRV

4PHGLR !6 PK.J0/66P.J0/66P PP
6XSHUILFLHGH'HFDQWDFLyQ6HFXQGDULDREWHQLGDSDUDODVLWXDFLyQIXWXUD
4Pi[LPR !6 PK.J0/66P.J0/66P PP
6XSHUILFLHGH'HFDQWDFLyQ6HFXQGDULDREWHQLGDSDUDODVLWXDFLyQIXWXUD


'HORDQWHULRUVHGHGXFHTXHHOSURFHVRGH'HFDQWDFLyQ6HFXQGDULDHQODVLWXDFLyQDFWXDO
SXHGHUHVROYHUVHFRQXQGHFDQWDGRUGHODVVLJXLHQWHVFDUDFWHUtVWLFDV

'LiPHWUR PHWURV
$OWXUD PHWURV
7LSRGHYHUWHGHUR'REOH


KWWSZZZPLOLDULXPFRP3UR\HFWRV'HSXUDGRUDVSUR\HFWRVWLSRDQHMRVPHPRULD)$1*26B$&7,926KWP